Friday, the National Bureau of Statistics said Chinese industrial firms' profit declined 37.3% on a yearly basis in the first two months of the year to 219.1 billion yuan. During the same period of previous year, profits were up 16.5%.

State owned enterprises earned a profit of 56.7 billion yuan, down 59.2%, while profits earned by companies with foreign investment stood at 62 billion yuan, which was 39.3% smaller than the previous year level.

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